Quarterly report pursuant to Section 13 or 15(d)

DERIVATIVES (Details)

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DERIVATIVES (Details) (USD $)
3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 2 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended 9 Months Ended 3 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Jul. 08, 2014
May 13, 2014
May 12, 2014
Jan. 17, 2014
Dec. 31, 2013
Sep. 30, 2014
Non-Performing Loans
Sep. 30, 2014
Non-Performing Loans
Dec. 31, 2013
Non-Performing Loans
Sep. 30, 2014
Real Estate Securities
Sep. 30, 2014
Real Estate Securities
Dec. 31, 2013
Real Estate Securities
Sep. 30, 2014
TBAs
Sep. 30, 2014
TBAs
Dec. 31, 2013
TBAs
Sep. 30, 2014
TBA Short Positions
Apr. 30, 2014
Interest Rate Swap
interest_rate_swap
Sep. 30, 2014
Interest Rate Swap
interest_rate_swap
Sep. 30, 2014
Interest Rate Swap
interest_rate_swap
Dec. 31, 2013
Interest Rate Swap
Sep. 30, 2014
Non-Performing Loans Repurchase Agreements Derivatives
Dec. 31, 2013
Non-Performing Loans Repurchase Agreements Derivatives
Sep. 30, 2014
Real Estate Securities Repurchase Agreements Derivatives
Dec. 31, 2013
Real Estate Securities Repurchase Agreements Derivatives
Sep. 30, 2014
U.S.T. Short Positions
Sep. 30, 2014
U.S.T. Short Positions
Sep. 30, 2014
Minimum [Member]
Interest Rate Swap
Sep. 30, 2014
Maximum [Member]
Interest Rate Swap
Derivative [Line Items]                                                              
Number of Interest Rate Swap Agreements                                       3 11 11                  
Notional Amount                                       $ 500,000,000 $ 1,600,000,000 $ 1,600,000,000                  
Debt Instrument, Term                                       3 years                   2 years 10 years
Derivative Asset, Notional Amount                   161,561,000 [1] 161,561,000 [1] 164,598,000 [1] 0 [2] 0 [2] 10,000,000 [2] 1,301,000,000 [3] 1,301,000,000 [3] 0 [3] 1,300,000,000   1,595,000,000 [3] 1,595,000,000 [3] 0 [3]                
Gain (loss) on derivative instruments 4,799,000 0 2,355,000 0           5,111,000 [4] 4,797,000 [4]   0 [4],[5] 26,000 [4],[5]   33,000 263,000       (345,000) (2,731,000)                  
Derivative assets at fair value 28,686,000   28,686,000           35,926,000 27,571,000 [4] 27,571,000 [4] 34,474,000 [4] 0 [4] 0 [4] 1,452,000 [4] 1,115,000 1,115,000 0                          
Derivative liability 345,000   345,000           18,000       0 0 18,000           345,000 345,000 0                
Gain (loss) on sale of derivatives (2,403,000) 0 (6,186,000) 0                 0 43,000   (2,403,000) (6,405,000)                     0 176,000    
Linked Transactions Derivatives 27,571,000   27,571,000           35,926,000 96,836,000 [6] 96,836,000 [6] 95,014,000 [6] 0 [7] 0 [7] 9,952,000 [7]                 (69,265,000) [8] (60,540,000) [8] 0 [8] (8,500,000) [8]        
Unpaid principal balance of underlying loans 99,041,165,000   99,041,165,000   2,100,000,000 700,000,000 12,800,000,000 8,100,000,000   161,600,000 161,600,000                                        
Total gains (losses) $ 2,396,000   $ (3,831,000)                                                        
[1] Represents the UPB of the underlying loans of the non-performing loan pools within linked transactions.
[2] Represents the face amount of the real estate securities within linked transactions.
[3] Represents the notional amount of Agency RMBS, classified as derivatives.(D)Receive LIBOR and pay a fixed rate.
[4] Investments purchased from, and financed by, the selling counterparty that New Residential accounts for as linked transactions and are reflected as derivatives.
[5] {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOmE1MzEwMTBjOTg1ZDQzYzNiNGM3NWMxYjE5N2EwYzlifFRleHRTZWxlY3Rpb246MDk0NEUwRTg5NEJEMEE1OEQ1RURFRjZGRUY3RTAxQUUM}
[6] Non-performing loans that had a UPB of $161.6 million as of September 30, 2014, which represented the notional amount of the linked transaction and accrued interest.
[7] Real estate securities that had a current face amount of $10.0 million as of December 31, 2013, which represented the notional amount of the linked transaction.
[8] Represents carrying amount that approximates fair value.